South Carolina General Assembly
111th Session, 1995-1996

Bill 3769

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       3769
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19950308
Primary Sponsor:                   Fulmer, 
All Sponsors:                      Fulmer, Hutson, Cooper, Elliott,
                                   Klauber, Allison, Trotter, Keegan,
                                   Tripp, Harrison, Wilkes, Sharpe,
                                   Quinn, Cotty, Wilkins, Law, Wofford,
                                   Mason, McCraw, Wright, Seithel,
                                   R. Smith, Bailey, Simrill, Harrell,
                                   Whatley, McAbee, Jaskwhich, Meacham,
                                   Carnell, Limehouse, Kelley, Koon,
                                   Gamble, Fair, Herdklotz, Wells,
                                   Chamblee, Cato, Cain, Hallman,
                                   Witherspoon, D. Smith, Haskins,
                                   Robinson, Worley, A. Young,
                                   Littlejohn, Shissias, Dantzler,
                                   L. Whipper, Wilder, Vaughn,
                                   Keyserling, Delleney, Jennings,
                                   S. Whipper, Davenport, H. Brown,
                                   Knotts, Stoddard, Marchbanks, McTeer,
                                   Richardson, Martin, Hodges, J. Young,
                                   Phillips, Easterday, Kennedy, Beatty,
                                   Riser, Boan, Scott and Tucker 
Drafted Document Number:           JIC\5513AC.95
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax exemptions
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19950308  Introduced, read first time,             30 HWM
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT THE FIVE-YEAR PARTIAL EXEMPTION ALLOWED FOR MANUFACTURING ESTABLISHMENTS AND CORPORATE HEADQUARTERS IS EXTENDED TO AN UNRELATED PURCHASER UNDER CERTAIN CIRCUMSTANCES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-37-220 of the 1976 Code, as last amended by Part II, Sections 77 and 100 of Act 497 of 1994, is further amended by adding at the end:

"(C) The five-year partial exemption allowed pursuant to subsections (A)(7) and (B)(32) is extended to an unrelated purchaser who acquires the facilities in an arms-length transaction and who preserves the existing facilities and jobs. The partial exemption applies for the purchaser for five years if the purchaser otherwise meets the exemption requirements."

SECTION 2. This act takes effect upon approval by the Governor.

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